Weekly Newsletter - 11.20.2024

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How Streamlined is your Training? Find out with this free Quiz!

Picture this: You’re negotiating a complex policy renewal when a junior broker needs help understanding underwriting terms. Suddenly, instead of closing the deal, you’re pulled into an unexpected training session. 📉

This split focus can cost you more than just time. Insurance brokerages report a 30% drop in productivity when senior staff are tasked with training rather than client work (Gartner, 2023).

The fix? Use scenario-based training tailored for insurance brokers. New hires learn the ropes through real-life policy scenarios, leaving your experienced brokers free to build client relationships and close deals.

Want to find out how your onboarding stacks up? Try Hive Perform’s Sales Readiness Assessment for personalized recommendations.

INDUSTRY NEWS 📰

Young Drivers Face Risks from Social Media Ghost Brokers

Aviva's survey reveals a concerning trend: one-third of young drivers buy car insurance from ghost brokers on social media, leading to invalid policies. Aviva detected 340,000 fraudulent applications this year, stopping 17,000 policies. The insurer links 7,000 cases to ongoing ghost broking investigations, highlighting the issue's severity.

InstaBrain and Fidelity Life Launch Innovative InsurTech Platform

InstaBrain and Fidelity Life have partnered to launch a new InsurTech platform, enhancing life insurance processes with real-time underwriting. This collaboration aims to simplify insurance purchasing, offering faster and more accurate services. Fidelity Life's expertise and InstaBrain's technology set a new industry standard for efficiency and customer satisfaction.

INDUSTRY INSIGHTS 🌐

7 Steps to Make Sales Enablement Content Successful

Sales enablement content is crucial for closing deals, aligning with buyer journeys, and empowering sales teams. Key strategies include personalizing content, leveraging AI, fostering cross-functional collaboration, and measuring impact. By focusing on these areas, organizations can enhance sales effectiveness and drive revenue growth.

Effective Risk Management for Architects and Engineers' Liability Insurance

Architects and engineers (A&E) rely on professional liability insurance to manage risks effectively. For agents and brokers, understanding the unique aspects of A&E projects is essential to securing optimal coverage. This includes assessing project scope, delivery methods, risk management practices, claims history, and workforce dynamics.

Agents must align coverage with specific project types and disciplines, considering carriers' varying risk appetites. Strong risk management is crucial, encompassing quality assurance, contract review, and adaptation to emerging technologies. Tools like quality control manuals, training programs, and limitation of liability clauses enhance a firm’s risk profile.

Claims history offers valuable insights into a firm's exposure, helping identify patterns and preventative strategies. Geographic considerations, including multi-state and international exposures, must be evaluated, along with human capital management factors like succession planning and workforce stability.

B2B Sales Strategies: Closing More Deals with Proven Techniques

B2B sales involve businesses selling to other businesses, focusing on solving problems rather than individual needs. Key strategies include identifying ideal customers, building relationships, and using tools like Lusha for efficiency. Success requires understanding customer needs, offering tailored solutions, and maintaining strong, ongoing relationships.